Asset Risk

With effect, the price in the heading in wallet, the case the debt of the company, would fall 5.35%. The same valley when the value of an action is considered, how much bigger the prize of bigger risk will be the tax of discounting of the future flow of shares and future value of sales and, in this way, greater it will be the depreciation of the action. In the example of the heading of the debt, a variation of a prize of risk of 5 percentile points is had on a base of 10% a.a and for a period of one year. It imagines and sectors active whose returns are projected for longer periods. With certainty, the discountings will be very bigger in the prices the sight of the assets to adjust the new reality of risk.

To have idea, assuming that an action gives perpetual shares of R$ 10 and that the waited return of the investors is of 10% a.a. The value of this action will be of R$ 100. That is, R$ 10 divided by 10% a.a equal R$ 100 But if the investors to demand a bigger return to face the 15% risk a.a., action will start to be valid R$ 66,67, that is, R$ 10 divided by 15% or an one fall tero in the value of the action. This so that R$ 66,67 that it is the value of the action gives to a 15% tax a.a for same R$ 10 of shares. These are models very simple of setting of prices of the assets, however they give an idea of as the value of these is affected by the risk perception. Risk understood here as the feeling of that something can give wrong and have occurrence of damages, leading the investor to demand a bigger discounting to buy the asset. Or, in other words, to demand a bigger return.